Cash Back Reward credit Cards/
Hi Terry: I listen to you every Wednesday on WGN – think you are an excellent role model for women and their financial independence.
I have a couple of credit cards that I pay the balance of every month. I have an 809 credit rating. I have in the past couple of months opened 2 more credit cards to take advantage of the cash back promotion. Once I get the cash rewards I then close the recently opened accounts (2 in the past 2 months) .
I have now applied for 2 more where the cash back is $300 and $500 if you spend $3K in 3 months. I do spend easily $1000 a month due to daughter’s college expenses. When I applied I was declined and I will get a letter in the mail explaining. I wonder even though my credit score is Excellent would the reasoning be because I closed 2 of my credit cards once I received the cash bonus? Maybe I should wait a couple of months before I apply for another one or two?
Terry Says
Yes, they know when you are “gaming” the system! You can’t use this trick too frequently. From the card issuer point of view, this is like “giving out too many toasters” to people who open accounts! They are seeking long-term cardholders!
